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| Financial News from CNN Money |
Why Microsoft isn't buying Facebook
When Microsoft walked away from its blockbuster bid for Yahoo, the media sought desperately to keep the news coming even when there wasn't much left to say. That seems to be how The Wall Street Journal came up with the notion that Microsoft had approached Facebook about an acquisition. It's not true.
How can I keep my retirement plan?
Dear FSB: My company supplies irrigation and plumbing materials. Last year I set up a Roth 401(k) plan for my five full-time employees using a major mutual fund firm. Now the firm says that because of a new law, our employees' contributions and employer matching contributions require separate custodians that it is not equipped to provide for us. Some brokerage firms say the same thing. Any ideas?
Why Europe will save us from $5 gas
With oil prices gushing above $126 a barrel, it's tempting to blame Europe for this inflationary mess.
Teachers give job prospects an 'F'
Jonathan Hash, a history teacher at Herbert Hoover High School in San Diego, is enthusiastic about the teaching career he began two years ago. But now he might lose his job because of a statewide budget crisis, and that could force him to leave teaching altogether.
At $126, oil's record drumbeat goes on
Oil leaped into unchartered territory Friday, soaring past the $126-a-barrel mark for the first time, and leaving analysts and investors wondering how high the price will go.
Rigged for success
As multinational corporations race to pursue oil worldwide, a small Tulsa-based firm is striking black gold state-side. Arena Resources landed at No. 1 last year on the FSB 100, our list of America's fastest-growing small public companies. Arena, which explores and drills for oil and natural gas in Kansas, New Mexico, Oklahoma, and Texas, increased revenues from $60 million in 2006 to a little more than $100 million in 2007. "We've set new growth records each year since 2000," says CEO Lloyd Rochford.
The best advice I never took
One of the great tragedies of life is that when we really need advice, we're unlikely to listen to it. When we are young and clueless, people give us the benefit of their wisdom, and we sneeze at it. Later, when we finally see that what we do not know exceeds that which we do, we're already too calcified in our opinions to heed the answers that are blowing in the wind. Thus we go our own way, sometimes staying on the right road, sometimes toddling off merrily into the ditch.
Stay liquid: Put your money in whiskey
Last year at the venerable McTear's auction house in Scotland, an anonymous Russian paid a record $58,000 for a Bowmore malt whisky reckoned to have been bottled around the time his ancestors were facing the 1854 charge of the British Light and Heavy Brigades during the Crimean War.
$400 billion on the block - Citigroup
Citigroup Inc. said Friday it planned to unload $400 billion in assets over the next few years as the beleaguered banking icon aims to reinvigorate itself.
Stocks dip on AIG and oil
Record oil and gas prices and a big quarterly loss for Dow component AIG were among the factors pressuring stocks Friday morning.
Trade gap narrows in March
The nation's trade gap narrowed in March, as a weakened U.S. economy led to the sharpest decline in Americans' demand for foreign imports in more than six years, according to a government report released Friday.
Why Microsoft isn't buying Facebook
When Microsoft walked away from its blockbuster bid for Yahoo, the media sought desperately to keep the news coming even when there wasn't much left to say. That seems to be how The Wall Street Journal came up with the notion that Microsoft had approached Facebook about an acquisition. It's not true.
Clear Channel reports profit and revenue jump
Read full story for latest details.
Allianz quarterly profit falls 65%
Read full story for latest details.
Dollar slips against euro
Read full story for latest details.
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| Financial News from Reuters |
Citigroup aims to sell $400 billion of assets
PHILADELPHIA (Reuters) - Citigroup Inc, the largest U.S. bank, said on Friday it aims to shed $400 billion of assets -- nearly 20 percent of its total -- over the next two to three years to become more efficient and profitable.
Nasdaq turns positive; Dow, S&P 500 cut losses
NEW YORK (Reuters) - The Nasdaq turned positive in mid-morning trading on Friday, led by gains in Microsoft and Research in Motion .
AIG says rating cuts to raise costs
NEW YORK (Reuters) - American International Group said on Friday two rating agency downgrades will likely increase funding costs for some of its businesses, and has required it to post $1.6 billion more in collateral.
Oil over $126, new peak for 5th straight day
LONDON (Reuters) - Oil prices leapt to a new peak of more than $126 a barrel on Friday, hitting a record for the fifth straight session, in a market given an additional spur by tight supplies of diesel.
U.S. crude futures jump more than $2, above $126
NEW YORK (Reuters) - U.S. crude futures jumped more than $2 to a record high above $126 on Friday, fueled by fund buying and surging distillate prices on both sides of the Atlantic, according to traders.
March trade gap narrows more than expected
WASHINGTON (Reuters) - The trade deficit narrowed more than expected in March on a record plunge in the value of imports, even as average oil prices surged to a new record, a Commerce Department report on Friday showed.
AIG sees market affecting mortgage units into 2009
NEW YORK (Reuters) - American International Group sees weak market conditions in the U.S. residential market affecting its operating results at two mortgage units into 2009, its chief executive said on Friday.
Circuit City to let Blockbuster conduct diligence
NEW YORK (Reuters) - Circuit City Stores Inc said on Friday that it will allow Blockbuster Inc and the movie-rental company's largest shareholder, Carl Icahn, to conduct due diligence in connection with Blockbuster's proposed acquisition of Circuit City.
Clear Channel posts weaker-than-expected profit
NEW YORK (Reuters) - Clear Channel Communications Inc posted a weaker-than-expected quarterly profit on Friday and the U.S. radio station operator said it was unclear whether a proposed buyout would be completed.
Siemens ex-CEO faces no criminal charges in probe
MUNICH/HAMBURG (Reuters) - Prosecutors investigating suspected bribery at German engineering group Siemens said on Friday they have found no evidence to warrant criminal charges against former Chief Executive Heinrich von Pierer.
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| Financial News from Market Watch |
Priceline surges following strong earnings, outlook
Priceline.com shares climb to an eight-year high after the online travel site reports a first-quarter profit fueled by a rise in bookings and international travel.
Market Snapshot: U.S. stocks slammed by big AIG loss
U.S. stocks tumble as the financial sector spouts more leaks after American International Group Inc. reports a $7.8 billion loss and Citigroup Inc. unveils plans to shed about half a trillion dollars in assets.
U.S. corn stocks expected to fall sharply to 13-year low
U.S. corn stocks are expected to drop steeply over the next year to a 13-year low, the Department of Agriculture says, as farmers cut back corn acreage this spring to grow more high-priced soybeans.
Telecom Stocks: Leap, Windstream gain; Qwest falls
WASHINGTON (MarketWatch) - Leap Wireless International Inc. and Windstream Corp. lead telecommunications stocks in mixed Friday trades after both phone companies posted solid quarterly results.
Citigroup aims to eliminate $500 billion in non-core assets
Citigroup unveils plans to reduce its asset base by about $500 billion over the next several years in a bid to shore up its capital base and rid itself of riskier investments.
MarketWatch First Take: Citi's Vikram Pandit has learned to love the supermarket
Like Sanford Weill and Charles Prince before him, Citigroup Inc.?s Vikram Pandit is defiant in his defense of the financial services supermarket, or what the executives like to call the ?universal bank model.?
John Dvorak's Second Opinion: Public trust eroding as watchdogs fall down on ...
It?s not hard to predict the weather in the middle of summer in the desert. But what good are you when you have to predict the weather during the monsoon season and you are consistently plain wrong?
Diageo to spend $1 billion in Irish brewery revamp
Diageo plans to spend about $1 billion to revitalize a famed Dublin brewery that makes Guinness and to build a second facility.
Circuit City agrees to due diligence in Blockbuster's bid
Circuit City Stores hires Goldman Sachs & Co. to help it explore strategic alternatives, adding that it will allow video-rental chain Blockbuster Inc. and its largest shareholder, Carl Icahn, to conduct due diligence.
Futures Movers: Oil futures touch an all-time high above $126 a barrel
Crude-oil futures blitz past $126 a barrel, poised to score a weekly gain of more than 7% with strong demand for diesel fuel and concerns about global crude supplies sending prices to a fresh all-time high.
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